Question: Convert the invoice presented into a promissory note that has all the required elements of a negotiable instrument. a. Should this negotiable instrument specify any

Convert the invoice presented into a promissory note that has all the required elements of a negotiable instrument.

a. Should this negotiable instrument specify any promises other than the promise to pay? Why or why not?

b. Should the note be payable to order or to bearer? Explain.

c. Should the note be payable on demand or at a specific date in the future? Explain.

d. What other requirements are necessary for the note to be a negotiable instrument?

How would Fabulous Leather Creations negotiate the promissory note to First Finance Factoring?

Explain whether the indorsement should be: a. Blank or special b. Restrictive or unrestrictive c. Qualified or unqualified

What would Fabulous Leather Creations have to do to avoid guaranteeing the payment to First Finance in case Hampton Market fails to pay for the leather goods?

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